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AI-fintech firm Recko raises additional capital for foreign market expansion

ReckoBengaluru-based AI-fintech startup Recko has raised additional capital from several fintech angel investors, as it aims to tap international markets in the next six months.

The marquee investors include Taavet Hinirikus (Co-founder of Transferwise), Ashish Gupta (Managing Director, Helion Ventures), Vaibhav Puranik (Financial Product head for Carta), Shamir Karkal, (Founder of Sila Money), Eric Kwan (Early Facebook engineer and Founding engineer of Operator) and Locus Ventures.

Existing investor Prime Venture Partners also took part in the funding round. Recko had earlier raised $1 million seed funding from Prime.

Recko aims to enter international markets, including the United States, in the next six months, it said in a statement on Tuesday, adding that it is on track to grow at 10x in the next 12 months. It aims to leverage the fast-growing digital payments market in India, which it believes, will more than double by 2023.

Recko automates reconciliation and allows the data to be traced throughout the entire transaction cycle. It does so by getting connected to payment gateways, banks and merchant’s order management system through APIs and helps the merchant in tracking receivables and identifying settlement discrepancies.

Recko has built a SaaS-based reconciliation product that keeps track of the complete transaction lifecycle and commercial contracts for organizations.

It counts online grocery delivery service Grofers and social commerce platform Meesho among its clients.

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